By JOSEPH QUESNEL
Northern Ontario Business
Community Futures Development Corporations have become a permanent fixture in Northern Ontario’s foreseeable future, says the manager of CFDC program delivery for northeastern Ontario.
The fact that the government chose to expand funding for Community Futures Development Corporations (CFDCs) across Northern Ontario in the recent federal budget, while other programs were cut is evidence that the program is working for the North, Carmen DeMarco says.
“It’s quite a survivor,” says DeMarco, who oversees FedNor’s northeastern Ontario CFDCs. “It’s one of the few programs that has survived through different governments over 15 years.”
The development corporations are community-based, volunteer-run economic development corporations with mandates to help support business diversification. They are known for their provision of loans to businesses, as well as business development assistance. The CFDCs throughout the North are funded through Industry Canada and FedNor.
In the fiscal year 2002-2003, Northern Ontario CFDCs assisted 411 businesses with financing, dispersed $19,400,097 in business loans and provided 359 businesses with assistance through the CFDC business counseling service. An estimated 957 jobs were created and/or maintained through the program. In the 2003-2004 fiscal year, ending March 2004, 440 businesses received financing, with a total of $18,285,532 in loans dispersed and 231 businesses received assistance through CFDC business counseling services. An estimated 674 jobs were created and/or maintained.
Over the past three years, the number of businesses in rural communities applying for CFDC funding has greatly increased, says DeMarco, with greater co-operation being noted among northern municipalities.
“Each community CFDC takes turns helping the others, so the assistance is well-balanced throughout the area,” DeMarco notes.
